CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in United States Dollars)
FOR THE SEVEN MONTHS ENDED DECEMBER 31, 2020 AND
TWELVE MONTHS ENDED MAY 31, 2020
KPMG LLP
Chartered Professional Accountants PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3
Telephone Fax Internet
(604) 691-3000 (604) 691-3031www.kpmg.ca
Canada
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of Metalla Royalty & Streaming Ltd.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position as of December 31, 2020, May 31, 2020 and June 1, 2019, the related consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the seven months ended December 31, 2020 and the year ended May 31, 2020, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020, May 31, 2020 and June 1, 2019 and the results of its financial performance and its cash flows for the seven months ended December 31, 2020 and the year ended May 31, 2020, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Change in Presentation Currency
As discussed in Note 2(c) to the consolidated financial statements, during the period ended December 31, 2020 the Company retroactively changed its presentation currency from the Canadian dollar to the U.S. dollar.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG Canada provides services to KPMG LLP.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the (consolidated) financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
//s// KPMG LLP
Chartered Professional Accountants
We have served as the Company's auditor since 2017.
Vancouver, Canada
March 25, 2021
METALLA ROYALTY & STREAMING LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in United States Dollars)
As atNotesDecember 31, 2020
ASSETS Current assets Cash
Accounts receivable
Current portion of derivative royalty asset Prepaid expenses and other
$
5,299,904 $
May 31, 2020 (Restated - Note 2(c))
June 1, 2019 (Restated - Note 2(c))
3,600,409
$
3,529,414
3 5
1,813,575
2,416,461
177,919 -
249,433 -
783,848
233,368
263,660
Total current assets
10,313,788
4,011,696
4,042,507
Non-current assets
Royalty, stream, and other interests Derivative royalty asset
Investment in Silverback Total non-current assets TOTAL ASSETS
4 5 6
63,732,457
69,417,457
4,016,149
1,668,851
47,976,215 - 1,516,672 49,492,887
43,137,849 - 1,680,288 44,818,137
$ 79,731,245
$
53,504,583
$
48,860,644
LIABILITIES AND EQUITY LIABILITIES
Current liabilities Trade and other payables Total current liabilities
7
$
1,772,304 1,772,304
$
1,417,978
$
1,234,827
1,417,978 1,234,827
Non-current liabilities Loans payable
8 10
3,062,706 511,358 3,574,064 5,346,368
3,523,570 2,146,124
Deferred income tax liabilities Total non-current liabilities Total liabilities
506,291 4,029,861 5,447,839
111,349 2,257,473 3,492,300
EQUITY
Share capital Reserves Deficit
11
98,130,183
11,233,630
(34,978,936)
70,693,830 63,685,213
6,895,527 5,262,898
Total equity
74,384,877
(29,532,613) 48,056,744
(23,579,767) 45,368,344
TOTAL LIABILITIES AND EQUITYEvents after reporting date (Note 16)
$ 79,731,245
$
53,504,583
These consolidated financial statements were authorized for issuance by the Board of Directors on March 25, 2021.
Approved by the Board of Directors
"Brett Heath"
Director
"Terry Krepiakevich"
DirectorThe accompanying notes are an integral part of these consolidated financial statements.
-4 -
$
48,860,644
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Metalla Royalty and Streaming Ltd. published this content on 26 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2021 20:17:09 UTC.